Did you know?

It pays to be informed! (Co-insurance)

Indeed, knowing the true value of your goods allows you to:

Acquire a fair and sufficient insurance coverage, according to the actual cost of reconstruction;
Protect your belongings;
Rapid and fair insurance settlement in case of a sinister.

For a peace of mind, trust professionals to assess the fair replacement value of your property.

SPE valeur asurable is a team of specialists who will be direct and straight forward in order to avoid you any surprises in case of a sinister. This way, you will obtain a sufficient insurance coverage, based on the fair valuation of the insurable value of your property, and therefore simplify as much as possible the indemnification by your insurance company.

SPE supplies you with a complete profile which becomes the indisputable evidence of the fair value of your property, thanks to a valuation of its certified insurable value.

Here is an example of what can be avoided:

Peter and Mary are victims of a fire

100000$

The fair value to reconstruct today is

80000$

The minimum insurance coverage required without penalty is 80% of the fair value

50000$

Peter and Mary’s insurance covers only

40000$

The fire burns down part of the house and the claim sums up to

To what amount will Peter and Mary be entitled?

40000$

The total claim sums up to

Our friends are only insured at 62.5% of the minimum value ($50 000 / $80 000 = 62.5%)

25000$

Therefore, they will be receiving 62.5% of the $40 000.00 claim

And our friends will have to pay 40000 $ – 25000 $

15000$

Yet, Peter and Mary thought that their insurance coverage was sufficient!

Since January of 2007, we have performed a survey among different customers such as: Intact Insurance, Groupe Estrie Richelieu, Aviva, RSA, Northbridge, etc. as well as several brokers and private customers.

This survey has led us to discover that 67% of buildings have an insufficient insurance coverage and 80% do not dispose of sufficient equipment value in order to renew their property at fair value in case of a sinister. Such a situation could complicate the insurance indemnification and end up quite costly.

SPE Valeur Assurable has noted a significant increase of approximately 42% of the average cost of reconstruction for buildings and an average increase of 120% for the insurable value of equipment. Therefore, the effect of an undervaluation of the insurance coverage could have severe consequences and an important financial impact.

Most people have difficulty understanding co-insurance and that is why SPE Valeur Assurable has introduced awareness measures such as “February, month of insurable value” and several publicities broadcast thru different medias: radio, television, newspapers, etc., in order to highlight the financial impact of an insufficient insurance coverage.